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You need sound advice when looking for a mortgage - especially if the high street lenders are making life difficult

Talk to a specialist, weigh up the options and then decide

Residential or BTL Mortgages

Mortgages fall broadly in to two different camps. Namely, regulated by the Financial Conduct Authority (FCA) and non regulated. The nature and extent of regulation is mainly determined by the purpose of the borrowing or type of property being offered as security and it affects the process of borrowing and the amount of regulatory protection you might get. After reading this section go to regulatory protection for Mortgage borrowers.

Residential mortgages

These are normally secured against an owner occupied house or a home which is / will be lived in by a relative. Such mortgages are regulated and you should expect to receive full advice and recommendation on a suitable mortgage from your broker.

Specific products have been developed for:

First time buyers

Older borrowers

Those doing a self build

Those less able to get a high street mortgage at competitive rates

Affordability is determined by proven income so it is important to have up to date income proof to get the best deals. For the self employed, ideally businesses accounts should be up to date and recent although there are lenders who will accept applicants who have only been self employed for a year or so.

The other key considerations are the amount required, available equity and the borrower’s credit history although factors such as age, property location, property type and many other factors will play their part. A good broker will weigh up all of these factors to advise on what is suitable.

Buy to Let Mortgages

Buy to Let mortgages work in a similar way to residential mortgages. However the big difference is that they are mostly unregulated due to the business nature of the borrowing and are often offered and arranged on a non advised basis. Note: If the property is let to a relative it may fall back in to the regulated arena.

Other factors to consider with a BTL mortgage include:

Rental income – this can be used to support the mortgage payments even if you don’t have a high income from elsewhere

Interest only mortgages are more readily available

The rates are usually slightly higher than a residential mortgage

You will normally need a higher deposit

Lenders prefer to see that borrowers have some experience in owning and maintaining a BTL therefore getting on the ladder is difficult unless you have a larger deposit

Interest payments are not automatically tax deductible and stamp duty can be payable – we recommend specialist advice from an accountant to decide on the best way to own your BTL property – as an individual or to set up a limited company. Lenders are available for both scenarios.

Whilst there are some mainstream lenders offering Buy to Let mortgages, there is a huge choice of specialist lenders which service the landlord market and offer quirky products and flexible criteria, so use our service to get the right mortgage.

What our customers say…

“We were impressed by the ownership of our case and the regular updates. We were called when you said you would call. A great service which we would not hesitate to use again.”

Mr and Mrs Ashton

Preston

“Communication was excellent throughout the process. Paperwork was made very clear and documents sent back very quickly. Kundan was very helpful in answering all questions.”

Mr Russell

Hertfordshire

I’m writing to express how pleased I’ve been with the service provided by Promise Solutions. I’ve always found your company (and yourself in particular) to be very professional, efficient and knowledgeable. In particular with [a] recent case you were instrumental in ensuring an option was made available to the clients and following several setbacks along the way you were able to secure the required funding. The clients are thrilled!

Mr. Featherstone

“It is long overdue, but I wanted to write and tell you how pleased I am with the service provided by Promise Solutions.

I have used your service a number of times and I have always found the company has listened, advised, arranged and delivered the best solution for my clients.

When I first spoke to your company, I wanted knowledgeable advice and a great service level so that we could find the appropriate solution for our clients. Promise Solutions has delivered time and again with the service being of particular note. I will be with you for the duration.

I will confidently recommend Promise Solutions to my clients.”

Mr. Smith

“Hi Joy

I have placed two cases via Promise Solutions of which one has completed. I have found you a “joy” to work with as you always respond promptly even though you have a high workload.

Lewis has been instrumental in placing cases and has been key in identifying the right lender. If for some reasons it doesn’t fit he is quick to find a replacement lender.

All the best”

Mr. Selvey

“I find working with Promise really easy. There is always someone on the end of the phone who is very knowledgeable. The ability to view case notes, see case tracking and get up to the minute feedback on case needs is great.

Complicated cases are always given a fair chance with an appetite to see them succeed. Straightforward cases are great on their quoting system. Results are returned straight away. The ability to look at several scenario’s for one case and be available 24/7 is excellent.”

“Fantastic service; updates at every point of the process were great for clear communication. Stress-free for my clients and a great range of products for all the cases that we used to struggle to place. I would recommend you to any broker.”

Mr. Gilmour

“I would like to thank you and praise your company and team for the manner in which you deal with my enquiries.

I have been an IFA and mortgage adviser for some years and have experience of dealing with mortgage companies and their underwriting teams.

I appreciate how difficult it is to place some of the cases that I pass to Raj as I have already drawn a blank myself.

Your team are unfailingly polite and friendly and always seem to go the extra mile [or two even] to try and help and so far have succeeded every time!

The follow up and thoroughness with which you deal with every case is wonderful and a rare commodity in the service standards of most companies today, and I am very grateful.

I can warmly recommend you and your company as this is not the experience I have had from other packagers who profess to be willing to help!”

Ms. Cooke

“I cannot speak highly enough of Promise Solutions. Having used them for almost a year, I have successfully placed several cases with them ranging from secured loans, to first charges on remortgages and purchases.

I feel that Promise will often go the extra mile by dealing with the client directly when instructed, which relieves our resources and time – this in itself is one of the most powerful tools in our locker. This wouldn’t be possible without the communication skills provided by the staff which are second to none. My advice to any brokers who are struggling to place a case, or looking for a quote for a secured loan would be to pick up the phone and call Promise Solutions in the first instance.”

Mr. Pike

“Thank you for all your help and a big thank you to Lucy, will miss our chats.”

Mrs Cabell

“Not pushy at all, it’s been a pleasure.”

Mrs Allen

“I am very happy with the service that you provide.”

Mr and Mrs Birch

“Everyone I spoke to was professional, polite and friendly congratulations on great service.”

Mr Tunkara

“Hi Mandy,

Thanks again for all your help. You’ve been brilliant through-out the whole process and I thank you for that. It has been a very stressful time, (and continues to be so), but there have been a few people in the chain of services that have made it a little easier, and you are one of them.”

Mr. Barnes

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Representative example – £63,000 over 228 months at an APRC of 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

CALLS ARE RECORDED FOR TRAINING AND MONITORING PURPOSES

APRC’s are variable on most loans. Fees apply. You can pay upfront and keep out of loan or add to loan and pay on completion only. Adding fees to loan will increase monthly payments, APRC and total repayable. Our fees cover mortgage references, consent to register a second charge, land registry searches, credit references, staff and variable costs. If a valuation is required this is paid direct to the valuer. Promise fee payable is linked to loan size from 1% to 10% maximum.

Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority– Number 681423. Registered in England, company number 04822774.
Registered Office: 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.